UNIQUE AND INNOVATIVE CODE
Auxilium is the first cryptocurrency to successfully combine Ethereum’s code-base, PoS and smartcontracts.
With information comes knowledge, and, a better understanding of the code and more insight for investors and supporters.
Ethereum is a world computer that offers: 1) transparent governance for communities, 2) secure communications (e.g. authentication and messaging), 3) a secure backbone for e-commerce and the Internet of Things, 4) secure payments, 5) integrated development environment (i.e. debugging, development and deployment of Ethereum applications), and 6) free software ( released under the General Public Licence).
Ethereum is similar in principal to Bitcoin in that it uses blockchain technology, but in additional to transactions, Ethereum keeps track of computer programs as well. This offers a variety of advantages and possibilities, like deciding whether someone is allowed to drive a car, or who has won an election.
As the blockchain is distributed across each node participating in the network, transparency and visibility are a standard. At any moment, a user is able to verify the state of a contract or application running on the blockchain, making it very secure and safe to use.
A smart contract is a computer code that defines certain parts of an agreement and can self-execute if terms are met.
Contracts on a blockchain are not too dissimilar from those used every day by people, all over the world.
Contracts define a deal between two or more people with a mutual understanding of the rules and regulations and if agreed upon by all parties, a binding agreement is formed, a contract.
As technology improves, so too does the method and means to create a contract. Enter, the smart contract.
Smart contracts are especially good when exchanging money, properties, shares or anything else of great value, because of their immutable nature and complete transparency.
In many cases, it may be possible to cut out the middleman, thus, saving more money and time.
PoS (Proof of Stake) is the blockchain consensus and reward algorithm that distributes rewards respectively to the declared economical interest in the game. For example, by holding of the digital assets. Such declared interest is known as stake.
Most cryptocurrencies today, use PoW (Proof of Work.) Proof of Work relies heavily on a computer calculating incredibly complex mathematical equations.
As a general rule, PoW depends on high end or custom designed hardware, capable of number crunching very quickly. Usually, such devices also require a large amount of electricity to operate.
PoW also lends more to the possibility of an higher degree of centralisation within the network. Pools of miners are able to unite for a common goal, which could include a 51% attack (hostile network takeover) and therefore is less secure than PoS.
The Future is PoS
PoS has many advantages over PoW, and PoW/PoS hybrid, which is used by many cryptocurrencies.
MAIN ADVANTAGES OF POS OVER POW
MORE ENVIRONMENTALLY FRIENDLY
No need to consume large quantities of electricity in order to secure a blockchain.
It’s estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism.
Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design.
With this, less incentive for the formation of centralised cartels and, if they do form, less incentive from acting in ways that are harmful to the network (eg. like selfish mining in proof of work).
Reduced centralisation risks, as economies of scale are much less of an issue.
$10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment.
Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work.
To paraphrase, Vlad Zamfir, “it’s as though your ASIC farm burned down if you participated in a 51% attack”.
STORE, STAKE, DO GOOD
Auxilium by design, allows for up to 8% interest per annum on coins staked, and of that, 8% is automatically contributed to a fund used to help a variety of charities and causes around the world.
OTHER MAIN ADVANTAGES UNIQUE AUXILIUM CODE
With smart contracts, there are fewer obstacles in your path. You’re assured a smoother journey and intact payload, upon arrival at your destination.
Due to the nature of blockchain technology, your transactions and smart contracts are very safe and reside in a distributed ledger, not easily altered.
All transactions and smart contracts are duplicated across each of the nodes on the network. Your transactional history and contracts, are immutable.
Using smart contracts, you’re able to interact directly with the intended recipient, rather than working through one or more intermediaries.
Smart contracts are not only faster, cheaper and immutable, but they also help minimise human error associated with manually filling out lots of forms.
HELPING MORE PEOPLE
Staking can earn you up to 8% interest annually. Additionally, 8% of the 8% is automatically contributed to a charity fund, allocated in consultation with the community.